ING
June 4, 2026
US Dollar Credit Supply Update
Credit StrategyRates CreditInformation TechnologyHealth Care
US Dollar credit supply continues at a robust pace in 2026, with corporate supply reaching US$563bn YTD and record Reverse Yankee issuance of €64bn. While bank issuance slowed in May to US$63bn, overall credit market activity remains historically high.
Key Takeaways
- 1.Corporate credit supply remained strong in May at US$89bn, with YTD supply at US$563bn, outpacing all previous years except 2020.
- 2.The Reverse Yankee market is seeing record-breaking activity with €64bn YTD; ING forecasts a full-year record of €120bn.
- 3.Bank bond issuance slowed to US$63bn in May, a US$25bn decrease from April, with senior non-preferred debt dominating supply.
Table of Contents
- Supply for May (US$bn)
- Supply FY and YTD (US$bn)
- US Dollar Credit Supply
- Strong supply in USD and EUR for US corporates
- Slowdown in bank bond issuances in May
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Authors
Timothy RahillMarine Leleux
Securities
USD Corporate BondsSenior Non-Preferred BondsReverse Yankee BondsGreen Bonds
Themes
Robust Credit Supply DynamicsCross-Currency Issuance Opportunities (Reverse Yankees)ESG Integration in Debt Markets
Regions
North AmericaEuropeUKUnited StatesUnited KingdomJapan